Eight steps to start­ing a small busi­ness

Fremantle Gazette - - SHOP LOCAL -

WHEN one door closes an­other may open.

Kitchen Ware­house founder John Ma­caulay went on to build a na­tional busi­ness af­ter re­dun­dancy.

Mr Ma­caulay opened dis­count stores be­fore mov­ing into kitchen­ware.

“We didn’t want to be an or­di­nary kitchen­ware busi­ness, we wanted to be the best,” he said.

“We went around the world look­ing at kitchen­ware shops and then ini­tially we opened Home Prove­dore in Fre­man­tle on Mar­ket Street and ran that for a cou­ple of years be­fore I OF­TEN get asked what steps should be taken be­fore tak­ing the plunge into start­ing a small busi­ness.

Fol­low these eight steps to help you de­cide if you are ready, how to get started and where to get help.

Why do you want to start this busi­ness? Will it give open­ing a shop in Can­ning­ton.

“Af­ter sell­ing our dis­count and two-dol­lar shops, we moved into open­ing at Os­borne Park and then here at Melville. In 2003 we also opened our first on­line store.”

From open­ing stores in WA, Kitchen Ware­house ex­panded na­tion­ally.

The for­mer iT con­sul­tant said the best time to ex­pand was in eco­nomic tough times.

“We moved over east be­cause if you want to be at a na­tional level, you have to grow na­tion­ally,” he said. you the lifestyle and in­come you’re look­ing for?

Mar­ket re­search can help you as­sess the vi­a­bil­ity of your idea. Re­mem­ber to an­a­lyse the strengths and weak­nesses of your idea ver­sus your com­peti­tors. Visit the SBDC’s Perth of­fice to ac­cess free re­search re­sources, in­clud­ing IBISWorld.

Your plan should de­tail the in­dus­try struc­ture, com­pet­i­tive land­scape, your busi­ness ob­jec­tives,

“It’s much eas­ier to ex­pand at times when ev­ery­where else is hold­ing back.

“When we opened up the Home Prove­dore in Fre­man­tle it was dur­ing a bad time for Freo.

“Peo­ple kept ask­ing us ‘why are you open­ing up now?’.”

The Fre­man­tle res­i­dent said the best ad­vice he had for busi­nesses was to get good ad­vice and join the lo­cal busi­ness cham­ber.

Kitchen Ware­house will host a Fre­man­tle Cham­ber of Com­merce event at its Melville store on Oc­to­ber 11 from 5.30pm to 7pm. strate­gies, mar­ket­ing plan and fi­nan­cial fore­casts.

Your struc­ture will im­pact many fac­tors from your busi­ness name to your li­a­bil­ity and how you file your taxes. Seek ad­vice from an ac­coun­tant be­fore choos­ing a struc­ture.

There are le­gal obli­ga­tions as­so­ci­ated with start­ing a busi­ness, in­clud­ing li­cences, per­mits and reg­is­tra­tions. Visit www. small­busi­ness.wa.gov.au to ac­cess a free on­line Busi­ness Licence Fin­der.

Sur­round your­self with ad­vis­ers such as an ac­coun­tant, lawyer and the SBDC, who can help you start and grow your busi­ness.

Can you af­ford to start the busi­ness? Use the SBDC’s free on­line tools at small­busi­ness.wa.gov.au to as­sess your fi­nan­cial readi­ness.

Once your busi­ness is up and run­ning, you will need to at­tract clients and cus­tomers. Ad­ver­tis­ing is just part of the process; there’s much more in­volved.

De­velop the skills you need to suc­ceed in busi­ness, at­tend SBDC’s low-cost work­shops in­clud­ing How to Write a Busi­ness Plan, Mar­ket­ing Your Busi­ness, Web­site Plan­ning, Un­der­stand­ing Busi­ness Fi­nan­cials, and Dig­i­tal Mar­ket­ing.

Don’t miss my next ar­ti­cle where I’ll dis­cuss the im­por­tance of a busi­ness plan. For more, visit small busi­ness.wa.gov.au or call an ad­vi­sor on 13 12 49.

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